Trump cuts tariffs on Chinese goods to 47 per cent after meeting with Xi

US President Donald Trump, on Thursday (October 30), following his meeting with Chinese President Xi Jinping, announced that tariffs on Chinese goods will be reduced to 47 per cent from the current 57 per cent. He also said that he has clinched a one-year, extendable deal with Xi on rare earths.

Trump described his Chinese counterpart as a “great leader”, adding that it “was an amazing meeting.” Speaking to reporters on board Air Force One, Trump said a conclusion has been reached on many important points, adding that his administration will soon share it with the media.

The US President announced that he will be visiting China in April, adding that Xi will be coming to the US "sometime after that", possibly to Washington DC or Palm Beach, Florida, reported the BBC. He also described the meeting as "a great success".

'An amazing meeting'

"It was an amazing meeting. He is a great leader. We have come to a conclusion on many important points, and we will be handing them to you in a little while,” said Trump as quoted by the BBC.

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The US President also said that his administration had reduced tariffs on the flow of chemical ingredients for fentanyl from 20 per cent to 10 per cent with immediate effect.

He also said that he was happy with China’s announcement that it would start buying large quantities of soybeans, adding that he “appreciated” Beijing’s decision.

Xi bats for US-China cooperation

Earlier in the day, Xi said that China and the US, being the two largest economies in the world, should see each other as partners and friends, as history and current realities demand cooperation rather than confrontation between the two countries.

However, Xi also alluded to the recent friction between China and the US over Trump’s tariffs, stating that in view of the national conditions of both countries, he and Trump do not see eye to eye. The two leaders are holding a bilateral meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Busan.

Xi terms China-US friction as ‘normal’

However, Xi, in his opening remarks at the crucial bilateral meeting with Trump, termed the friction between the two countries as “normal” since both the US and China were major economies in the world.

Also Read: Trump-Xi Busan summit: Can the US-China trade truce hold?

"It feels very warm seeing you again. Since your reelection, we have spoken on the phone three times, exchanged several letters and stayed in close contact. Given our national condition, we don't see eye to eye with each other, and it is normal for the two leading economies in the world to have friction now and then," said Xi as quoted by ANI.

‘China and US’ development goals align’

The Chinese President also said that China’s development goals perfectly align with Trump’s aim of “Let’s make America great again”, adding that the two countries are capable of helping each other and prospering together.

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"In the face of winds, waves and challenges, you and I at the helm of China-US relations should stay on the right course and steadily sail forward the giant ship of China-US relations. I always say China's development goes hand in hand with your vision to make America great again. Our two countries are fully able to help each other succeed and prosper together. I have stated in public many times that China and the US should be partners and friends. This is what history taught us and reality demands," added Xi.

‘Basic consensus reached over key issues’

Pointing out that the negotiating team of both countries recently reached a "basic consensus" on addressing major issues, especially with regard to trade, Xi said that the development has paved the way for constructive dialogue with Trump.

Also Read: US, China reach framework for potential trade deal

"A few days back, in the latest round of confrontation, our two economic teams reached a basic consensus on addressing our major concerns, which made encouraging progress, and provided the necessary conditions for our meeting today. Mr President, I'm ready to continue working with you to build a solid foundation for China-US relations and create a sound atmosphere for the development of both countries," said Xi.

Xi lauds Trump’s peace efforts

The Chinese President also praised Trump’s peace efforts regarding resolving global conflicts.

"Mr President, you care a lot about world peace and you're very enthusiastic about settling various regional hotspot issues," Xi Jinping said. "The world today is confronted with many tough problems. China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world. I look forward to exchanging views with you on questions important for our two countries and the world," he added.